Dive Brief:
- The COP29 president-delegate released new initiatives and updates on previously-set pledges geared at driving climate action on Tuesday, less than two months before the United Nation’s annual climate summit.
- The “Action Agenda” unveiled by Azerbaijan Minister of Ecology and Natural Resources Mukhtar Babayev, appointed to preside over COP29 in January, announced climate finance funds, investments and trading platforms that promoted sustainability and clean energy. However, the agenda lacked any direct mention of transitioning away from fossil fuels — a goal outlined in the final COP28 agreement last year.
- The term “fossil fuel” only appears four times in the Sept. 17 letter, all in relation to voluntary monetary contributions expected to be made to the newly launched Climate Finance Action Fund by companies and countries that count as major producers of fossil fuels. Azerbaijan — a major producer and exporter of crude oil and natural gas — will serve as a founding contributor in the fund, according to the agenda.
Dive Insight:
Despite the lack of language concerning a transition from fossil fuels, the agenda did introduce a spate of environmental objectives. Among these were increasing energy storage capacity by six times compared to a 2022 baseline to reach 1,500 gigawatts by 2030; unlocking the potential of a clean hydrogen global market; reducing methane from food or other forms of organic waste; and a call to create “green energy zones and corridors” to boost sustainable investments and infrastructure.
Azerbaijan has faced intense scrutiny from environmental and human rights groups alike for being selected as the host country for this year’s annual climate summit. This is mainly due to its position as a prominent fossil-fuel producer, as well as its decision to capture a breakaway region from Armenia, causing a mass exodus of the ethnic Armenian population residing there.
The country has also been criticized by non-governmental organizations, including Amnesty International and Human Rights Watch, for targeting and jailing journalists and activists, especially those that have advocated for Armenia.
The action agenda was released the same day a coalition of 534 financial institutions collectively managing $29 trillion in assets released a statement urging global governments to “take robust action” to address the climate crisis at COP29 and enact policies to unlock the private capital needed to support a green transition.
The 2024 Global Investment letter asked policymakers to introduce plans and targets to “phase out unabated fossil fuel use in line with credible 1.5ºC pathways including by ramping up pollution standards for large emitters and energy efficiency standards in end-use sectors.” The letter — already signed by the California Public Employees’ Retirement System, New York State Common Retirement Fund and others — will be presented to participating governments at the climate conference in November.
